Banking 2020

JUNE 11, 2015

Big changes are happening in the credit card processing industry that will impact every business accepting credit card payments. Ideally, once EMV is fully deployed, credit cards will no longer be “swiped”. After the EMV authentication and verification, the credit card sale will be handled much like it is today.

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Cards Fraud System Security 40

PYMNTS

MAY 16, 2016

While Lending Club generally focuses its services on consumers, the implications of Laplanche’s resignation have echoed throughout the SME lending space as well and could see a further decline in banks backing small business loans offered through marketplace platforms. 65% of U.K. and U.S.

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Fintech Lending Fraud Cards 108

Banking 2020

NOVEMBER 25, 2015

This has posed problems, not least the fact it’s the only country in the world where counterfeit card fraud losses are rising. Counterfeit card fraud to drop. In the UK, losses from domestic counterfeit card fraud fell straight away. Lost and stolen fraud will fall. CNP fraud will rise.

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US Marketing Fraud Cards 40

Banking 2020

NOVEMBER 28, 2015

As the US comes out of its first post-EMV liability shift months, it’s worth looking at how chip cards have evolved over the years to improve security and how lessons learnt in other countries have made smart cards more secure than ever. These were card-present frauds that managed to nullify the PIN. CDA explained.

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Fraud Cards Security Analysis 40

Banking 2020

OCTOBER 12, 2015

Named after the three organisations that developed the specifications – Europay, MasterCard and Visa – EMV is the global benchmark for credit and debit cards that incorporate chip technology. EMV cards have embedded microprocessors that make them much more secure than traditional magnetic stripe cards. Who uses EMV?

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Fraud Cards Security Data 40

Banking 2020

NOVEMBER 17, 2015

It’s been very well documented that fraud tends to shift to the card-not-present (CNP) arena when EMV is introduced in a country. While there is some debate about just how much EMV will be the driver of CNP fraud in the US, it’s still expected to rise significantly over the coming years. Less face-to-face counterfeit fraud.

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US Atlanta Fraud Cards 40

Banking 2020

AUGUST 11, 2015

It might sound like the most obvious piece of advice but it’s remarkable how much fraud takes place because people are lax with their PIN. Malware is a growing problem as more and more of your banking goes online. Figures from Financial Fraud Action UK show online banking fraud hit 32.35 million dollars (£29.3

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Security Payments Fraud Cards 40

Banking 2020

NOVEMBER 8, 2015

The card giant says shoppers will be able to use their contactless device for high value payments at all contactless terminals across Europe by 2017. Retailers are already gearing up for accepting contactless at every point of sale terminal by 2020. Fraud question.

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Payments Fraud Cards Retail 40

Banking 2020

SEPTEMBER 28, 2015

Chip cards are being issued to consumers and merchants are upgrading their point of sale terminals to adapt. Given the advantages of EMV cards, we would expect more enthusiasm. The key shift resulting from EMV will be a reduction in card-present fraud. Given the volume of fraud in the U.S., until 2020.

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Compliance Cards Fraud Industry 40

Banking 2020

SEPTEMBER 10, 2015

In addition to reselling the technology to your customers, your bank may consider giving the software away to your commercial customers to reduce breach risk and the subsequent indirect risk to loans and card reissuing. Most banks offer customers credit monitoring. Do your customers know about these other types of fraud?

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Cyber Security Security Fraud Software 40

Banking 2020

NOVEMBER 19, 2015

As we’ve moved from signature cards to PINs, so the next step is from the PIN to a fingerprint scan, pulse monitor or iris sensor. While it’s unclear what sort of fraud could be committed, the financial services industry is taking note of the theft. Two clear avenues of potential fraud are opened up with biometric theft of this sort.

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Security Fraud Data Industry 40

Banking 2020

AUGUST 27, 2015

According to a recent article in ATMMarketplace.com, card skimming accounted for more than $2 billion in losses. One new approach that banks are exploring to mitigate this particular vector of fraud is the notion of using smartphones as a second factor of authentication since most people always have their phone with them.

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ATM User Experience Fraud UX 40

Banking 2020

DECEMBER 16, 2014

Brice Mindrum: We are seeing significant adoption from our members, many of whom were eagerly waiting for our cards to be supported. Were you already planning on launching or do you already have EMV cards? We will be issuing EMV cards soon. Are these users continuing to use the service?

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Apple America Training Cards 84

Banking 2020

JANUARY 22, 2016

But just how far have things really come since the introduction of chip cards and terminals? The National Federation of Independent Business (NIFB) reports that only about a third of smaller merchants are familiar with the new chip cards. One-third who had tried to use their new EMV card were not aware of the correct way to do so.

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US Report Cards Security 40

Banking 2020

NOVEMBER 12, 2015

Now it seems we’ve reached a key tipping point for facial recognition, as global card giant MasterCard throws its resources behind its own version that it’s calling ‘Selfie Pay’. The first pilot sees 750 ABN Amro credit card users do away with their passwords, PINs and confirmation codes.

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Technology Payments ATM System 40

Banking 2020

JANUARY 22, 2016

Our mission is to deliver unparalleled services — from checking and savings accounts and credit cards to auto, personal, home loans and beyond — in order to improve the financial well-being of our members and the community at large. VCCU has almost 70,000 members and over $700 million in assets.

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Community Fraud California US 40

Banking 2020

NOVEMBER 19, 2015

Three’s a crowd, so the saying goes, but it could also mean fraud losses for banks and merchants if they’re not careful. Within PSD2 is the Access to Accounts’ (XS2A) rule, which forces banks to enable access to their customer accounts to third party apps. Third party payment provider security.

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Security Fraud Regulation System 40

Banking 2020

NOVEMBER 12, 2014

That’s why Russian mobsters have an arsenal of over 1 billion stolen passwords and that’s why a stolen username and password sells for more on the black market than a stolen credit card number. How does this technology reduce costs to the traditional banking business? The business case for banks is straightforward.

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System Security Groups Mobile 101

Banking 2020

JANUARY 25, 2016

Facial recognition technology is taking off, while card-less payments using palm vein authentication technology are now possible. Fujitsu, which is working with JCB to roll out the technology for card-less transactions, notes that palm vein signatures are incredibly difficult to falsify.

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Security System Technology New York 40

Banking 2020

SEPTEMBER 14, 2015

Losing your phone is bad enough without identity fraud on top of it. Yes, entering your username and password every time you log in to a mobile banking app (or any app that involves payments) can be a hassle, however, if anyone gets their hands on your phone, they have total access. . Signing up for alerts only takes a minute.

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Mobile Cards Apple Online 40

Banking 2020

OCTOBER 16, 2014

Hackers take advantage of the fact that most surf the web as administrators from private computers often used to conduct financial transactions from various accounts (credit card, debit, equity, and loan accounts to name a few) and plant malware at every location we are likely to visit. Contributor, James W.

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Banking 2020

NOVEMBER 25, 2015

Until now, this sector has been subject to very little legislation, but there have been claims that this hands-off approach has helped facilitate problems such as fraud and money laundering. Until now, Chinese citizens could set up online payment accounts by providing identity card details, mobile numbers and bank account information.

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Regulation Online Marketing Payments 40

Banking 2020

MAY 5, 2015

Ideally, they should make it easier for the customer to manage his or her money, while also building loyalty to the bank — and reducing costs or increasing revenue. Offering credit monitoring to customers allows them to stay in control of their credit profile, while also preventing bank losses.

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